FPX study finds digital transformation has shifted to focus on the buying experience, and reveals the biggest priorities and pain points of businesses in the process
MINNEAPOLIS, Minn. (January 15, 2019) - FPX, a global leader in enterprise Configure Price Quote (CPQ) solutions, releases its Digital Transformation and the Customer Experience study — a playbook for enterprises and manufacturers navigating the digital transformation process. The report discovered that two-thirds (68 percent) of B2B organizations are currently undergoing a digital transformation project, and of those that aren’t, a quarter (25 percent) are delaying the process because they don’t see a problem with the status quo.
“It’s clear digital transformation is no longer a buzzword, and is a crucial undertaking for the majority of businesses,” said Richard Hearn, CEO of FPX. “As we saw in the study, however, too many companies are fine with their current capabilities, which in some cases can serve as a death sentence for B2B organizations. Laggards will quickly fall behind competitors, and must prioritize making technology investments for a better buying and selling experience in 2019.”
To better understand the state of digital transformation today, FPX surveyed 229 B2B decision makers about their goals, pain points and plans for digital projects. About half of the respondents identify their businesses as primarily manufacturing. The report found that for the majority of organizations today, digital transformation priorities and investments are grounded in technologies that improve the selling process for today’s modern business buyers. Key takeaways include:
- The customer experience is a top goal for digital transformation, especially with manufacturers. Of companies currently undergoing a digital transformation project, over half (58 percent) say one of its goals is to improve the buying experience for customers. This number jumps to 63 percent for manufacturing decision makers, highlighting a change of mindset in an industry historically known for inefficient buying processes.
- Investments in customer-facing tools are a priority for 2019. This is especially true for manufacturers, with nearly two-in-five (39 percent) of manufacturing decision makers planning to invest in instant quote technology, and one-third (33 percent) planning to invest in configure-price-quote (CPQ) technology. This makes sense given the shift in focus to providing a better buyer experience.
- Businesses that improve the quote-to-order process will come out on top. Ninety-four percent of decision makers agree that a faster quote-to-order process will help drive more sales, yet over half (53 percent) say their current process is more than five days. While organizations may be complacent with a one-business week turnaround, CPQ technology can cut this time to one day, or even a few hours.
For more insights into navigating B2B digital transformation today, download the study here.
FPX solves the challenges of slow and inaccurate quoting processes for leading manufacturers around the world. Its Configure Price Quote (CPQ) application allows businesses to quickly and intelligently price and sell configurable products and services across direct, indirect and ecommerce channels — improving margins and boosting revenue. As a critical component of the optimal B2B buying and selling experience, FPX helps organizations meet the demands of their modern omnichannel customers. Fortune 500 manufacturers like Honeywell and Dover Corporation rely on FPX for their CPQ solutions. More information is available at: http://www.fpx.com.